FAQs

Estate planning is the process of preparing legal documents to manage your assets and healthcare decisions if you become incapacitated or pass away. It typically encompasses the creation of wills, trusts, powers of attorney, and healthcare directives.

Having a will in New Jersey is crucial. It ensures that your assets are distributed according to your wishes after your passing. Without a will, New Jersey's intestate succession laws will determine how your property is inherited.

If you pass away without a will in New Jersey, your estate will be distributed according to the state's intestacy laws. These laws prioritize inheritance by spouses, children, and other close family members.

A living trust is a legal arrangement that allows you to transfer assets outside of the probate process, which can save time and reduce legal expenses. It's particularly beneficial for larger estates or those with property in multiple states.

Probate is the legal process of validating a will and distributing assets. In New Jersey, there are probate shortcuts available for small estates. Additionally, trusts can be used as a means to avoid the probate process entirely.

A power of attorney is a legal document that allows an individual to make financial or healthcare decisions on your behalf if you become incapacitated. New Jersey recognizes durable powers of attorney for long-term planning purposes.

New Jersey no longer imposes an estate tax. However, an inheritance tax may still apply, depending on the relationship between the deceased individual and the beneficiary.

In New Jersey, any competent adult can serve as an executor. However, certain individuals, such as minors or those with felony convictions, are restricted from serving in this capacity.

It's advisable to review your estate plan every three to five years. Additionally, you should consider updating it after significant life events such as marriage, divorce, the birth of a child, or substantial changes in your financial situation.

The Law Office of Gary H. Lomanno provides personalized estate planning services tailored to your specific needs. We work to ensure that your wishes are legally protected and that your loved ones are provided for in accordance with your intentions.